"The events of November 15th do not only have serious...

  1. 898 Posts.
    "The events of November 15th do not only have serious consequences for the value and direction of the Bitcoin Cash network. The outcome of this hash war will have long reaching consequences that will impact the lives and financial sovereignty of every current and future user of cryptocurrency and Blockchain digital assets."


    The Bcash market is tiny and likely about to split, they don't impact much of anything. Typical transaction volume is less than Doge coin.


    "Calin Ayre and Craig Wright have shown repeatedly by expressing a desire to win that they are engaged in what they believe is a finite game"


    I agree


    "While mustering hash power to protect their chain from attack, Coingeek and nChain using mining rigs configured to mine the opposing chain running the ABC rule set will launch a sustained 51% attack. Most likely mining empty blocks and doing blockchain reorginisation. I wager Craig Wright even has some very potent attacks planned that haven't been thought of before. The goal of these attacks is to leave the ABC chain in a constant state of dissaray such that exchanges and applications such as wallets have no confidence in connecting to ABC nodes, and the only safe connection on the BCH network is to SV nodes."


    They can't keep this up forever. Attacking other forks is like burning $100 bills from your wallet. You expend energy attacking somebody else and get no monetary reward for it. I believe a number of individuals also threatened to do this to Bitcoin during the Bcash fork last year as well, but nothing came of it because miners would have to act in an economically irrational way. With Bcash, their market is so tiny, that it may be possible for a time, but they won't keep it up forever.


    "Once they shore up their power with SHA-256 ASIC machines, likely attacking and destroying SHA-256 networks like namecoin and factom. They can set their sights on the manufacture of chips for other algorithms and begin to go after the alt-coins which will inevitability absorb large portions of the fractures Bcash community. "


    And they're going to do this by burning their own money?


    "They will then march on their ultimate goal, the Bitcoin network. If left unchecked, by the time they launch their attack on Bitcoin, the capital that Coingeek and nChain will be able to bring to bear, will be enough to accomplish their ultimate goal"


    I'm quite sure they'd be broke at that stage. Burning your own money is bad business.

 
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